HSH Nordbank finances Market Leader of Self Storage Properties in UK about £325 Million

Loan Facility of £325 Million Financing to provide Big Yellow’s core on-going debt requirement

Hamburg/Kiel, September 2, 2008 - HSH Nordbank has arranged and underwritten a £325 million, 5 year facility for Big Yellow, the leading provider of self storage facilities in the UK. The facility will replace a similar facility provided by a syndicate of banks led by the Royal Bank of Scotland Group PLC.

The facility will be secured by fixed charges over Big Yellow’s portfolio of complete and open self storage properties which are almost all owned freehold. These stores provide nearly 3 million sq ft of space available for rental. Big Yellow has expanded rapidly in recent years. All its stores have distinctive yellow branding and are positioned in accessible main road locations. The majority are in Greater London or in strong urban conurbations.

James Gibson, Chief Executive of Big Yellow commented, “We are delighted to secure this new facility which will provide the core financing of the group. It represents good news for all our stakeholders. We look forward to developing our relationship with HSH Nordbank further which was able to provide this facility despite the challenging market conditions.”

Judith Steinhoff, Global Head of Real Estate at HSH Nordbank commented, “We are delighted to have closed this prestigious transaction as Sole Mandated Lead Arranger. Big Yellow’s focus on providing excellent customer service from purpose-built locations has enabled them to grow strongly in recent years and become a recognised market leader. The transaction shows HSH Nordbank’s capacity to robustly support strong and successful companies even in difficult phases of the UK property cycle“.

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